Sorry for the absence, folks, I took a day off on Friday and my wife and I are spending some time with my son before he heads out for basic training with the Naval Reserve on Sunday.

Lots of activity leading up to July 1st as teams scramble to lock up their RFA players and cut loose some cap space via waivers and buyouts. Here’s the most significant as of today (June 28):

The Tampa Bay Lightning acquired the rights of forwards Ryan Malone and Gary Roberts from the Pittsburgh Penguins in exchange for a fourth round pick in 2009. Should the Bolts re-sign Malone prior to July 1st the pick is upgraded to a third rounder.  

It’s a bold move by the new Lightning ownership to gain an inside track on signing one or both, but if it doesn’t work out all it costs them is a mid-round pick next season, one that could be easily replaced by trade between now and next year’s draft if required.

If it does pan out and they manage to sign one or both it’s a small price to pay.

The Philadelphia Flyers as expected re-signed forward Jeff Carter to a three-year, $15 million contract extension, and no, this isn’t a “sign and trade” on their part.

This signing pushes the Flyers payroll to over $51 million next season so if they’re still looking at landing a quality puckmoving blueliner via free agency they’ll still have to find a way to free up more cap space.

The Anaheim Ducks bought out the remaining season of Todd Bertuzzi’s contract in a move designed to free up cap space to re-sign key free agents like Corey Perry but they might still need to move another player, possibly Mathieu Schneider, now that Scott Niedermayer has decided to return with the Ducks to play out the final season of his contract.

As expected the Calgary Flames announced the re-signing of impending UFA center Daymond Langkow to a four-year, $20 million contract, but also re-upped Craig Conroy to a two-year, $2.1 million contract and retained forward Eric Nystrom and goaltender Curtis McElhinney to one-way contracts, suggesting the latter two have locked up roster spots for next season.

A solid playoff performance by Loui Eriksson likely cemented a new two-year contract extension worth $3.2 million ($1.5 million for next season and $1.7 million for 2009-10), who also had 31 points in 69 NHL  games last season.

A Campbell was re-signed but it wasn’t the Sharks’ Brian, but rather Gregory Campbell of the Florida Panthers to a two-year contract believed worth more than the $525K per season he earned in his previous contract.

The Panthers also bought out the final season of forward Jozef Stumpel’s contract while the NY Islanders have bought out the remaining season of Shawn Bates’ contract and the Columbus Blue Jackets did the same with Duvie Westcott.

Nothing like a $6 million jump in the salary cap to spur some teams into using the buyout option. Last season only one player of note, the Islanders Alexei Yashin, was bought out; this season, nearly a dozen, although two, David Tanabe and Dan Cloutier, intend to fight the buyout by insisting they’re not medically cleared yet to play next season.  

With the NHL trade deadline now past the next notable round of player movement won’t occur until June, 2008, and most of it will be free agents signing with new teams.

While the focus as always will be on unrestricted free agents, this summer the threat of offer sheets is now a very real one, thus hockey fans will be nervously watching the contract talks of their favorite restricted free agent players as July 1st approaches.

Many teams haven’t wasted time this season, locking up their best RFA players to lengthy, long-term contracts now rather than risk another club either setting the price or plucking them away.

As a result, the list of the top RFA players has shrunk considerably since the start of the season, but there still remains some quality talent who, if unsigned by July 1st, could be tempting targets for offer sheets. It’ll be interesting to see how many of the following are re-upped by the end of June:

Anaheim: Corey Perry.

Columbus: Pascal LeClaire.

Detroit: Valtteri Filppula

Edmonton: Tom Gilbert and Joni Pitkanen.

Florida: Jay Bouwmeester.

Minnesota: Pierre-Marc Bouchard.

Montreal: Andrei Kostitsyn.

Nashville: Martin Erat, Shea Weber and Ryan Suter.

Ottawa: Andrej Meszaros.

Philadelphia: Jeff Carter.

Pittsburgh: Marc-Andre Fleury.

San Jose: Ryane Clowe

Washington: Mike Green.

The fear of the offer sheet has once again resulted in another potential restricted free agent being re-signed well before the summer of 2008.

This time it's center Mike Richards, who today has reportedly re-signed a contract extension with the Philadelphia Flyers.

Reportedly Richards' new contract is for twelve years and $69 million, breaking down to a cap hit of $5.75 million per season, with a "no-trade" clause that begins in the 2011-12 season. It's the second-longest contract in the NHL, behind the fifteen-year deal of the NY Islanders' Rick DiPietro.

It's not surprising that Holmgren made this move. Richards is enjoying a breakout season, leading the Flyers in goals, assists and points, but he's also perhaps their best defensive forward, with a+10 rating and is the only player on the team to score shorthanded this season, having done it three times.

Flyers GM Paul Holmgren had earlier stated his intent to re-sign his key RFAs like Richards, including forwards Jeff Carter and RJ Umberber, and we can likely expect more re-signing by Holmgren as the season progresses.

He obviously has no intention of allowing contract negotiations with his best RFAs to drag into next summer when those players could become potential offer sheet targets.

A number of talented young players are eligible for restricted free agent status next summer, including Washington's Alexander Ovechkin, Calgary's Dion Phaneuf, Florida's Jay Bouwmeester, Nashville's Shea Weber, Ottawa's Andrej Meszaros and St. Louis' Brad Boyes

But that list has been slowly but steadily shrinking, and most if not all of the aforementioned will likely re-sign with their current teams well before July 1, 2008.

**UPDATE** James Mirtle has a very interesting take on this signing on his blog, specifically the dangers lurking behind such lengthy contracts, citing Jose Theodore, Jim Carey and Sergei Samsonov to make the case. Even NHL Commissioner Gary Bettman privately doesn't believe they're a good idea under this CBA as it offers no opportunity for re-negotiation.

I concur with Mirtle and Bettman on this. While I understand the rationale behind these contracts, the length is fraught with peril, and if the player signed to that deal ends up a spent force midway through, it's a lot of precious cap space per season tied up in one player. Even demoting said player to the minors or buying them out is still a costly experienced for a team, even if it doesn't count against their cap space.